These are the kind of questions that prompted the tax return disclosure push. If there is nothing there, let's get all the records out and be done with it. The thing will speak for itself, as the lawyers say.
Hillary Clinton Could Use Bill Clinton's Foreign Cash for 2008 Campaign
Wednesday, June 20, 2007
By Greg Simmons
WASHINGTON —
It is against the law for a candidate for federal office to take political contributions from foreigners.
But a potential "loophole" could help at least one high-profile candidate in the 2008 presidential race: It is perfectly legal for a candidate for federal office to use personal income earned in foreign countries — or personal income earned by a spouse in foreign countries.
As Hillary Clinton marches at the front of the pack of Democratic presidential contenders, she occupies a unique position among the field of candidates from both parties.
The New York senator has access not only to her own wealth, but also to the bankroll of her wealthy husband, former President Bill Clinton, who has capitalized greatly on his résumé since leaving office in 2001 and whose income has been significantly enhanced through speeches made in foreign lands.
Financial records released Thursday showed that by the end of last year, Hillary and Bill Clinton had between $10 million and $50 million in jointly held accounts, and the former president had earned $41.7 million in speaking fees since leaving office — including $10.2 million in speaking fees last year alone.
And two-thirds of the former president's income from speeches — more than $27 million, including $6.6 million in 2006 — has been for speaking engagements overseas.
And that poses a problem, said Cleta Mitchell, a campaign finance attorney at the Foley and Lardner firm in Washington, D.C.
"Do I think that's an issue? You bet. ... There ought to be enough public human outcry, that he says, that she says, they won't put any money ... received from foreign governments in our joint bank account," said Mitchell, who represents Republican clients. She said that also should go for any foreign businesses and companies that don't have a principal place of business in the United States.
According to Sen. Clinton's financial disclosures, Bill Clinton has been paid over the years by foreign celebrity speaking and publicity companies, technology companies, financial firms, banks, business associations and academic organizations, some of which were working on behalf of public institutions.
Hillary Clinton would be able to use up to half of any jointly held assets with her husband, said a Federal Election Commission official, who asked not to be identified due to office protocol in discussing federal election law.
The official pointed to the section of code that governs jointly held assets, saying if there is a joint asset — such as a joint checking account — and there is no specific designation of how much each spouse is entitled to, a candidate is eligible to use up to half of that asset to pay for his or her campaign.
That means Hillary Clinton could spend money earned by Bill Clinton while speaking in Paris, Hong Kong, Bogota or Dubai, just a few of the places overseas where the 42nd president has been paid to deliver a speech. |
